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calenderMar 6, 2024

CIBIL report correction: 4 Easy steps to resolve CIBIL report errors

CIBIL Report Correction is the process of rectifying or updating your CIBIL report. It is crucial to monitor your CIBIL Report regularly and resolve errors promptly. Ignoring CIBIL Report rectification of these errors can lead to loan rejection or higher interest rates.

If you notice any such error or lack of updated information in your Credit Report, you should report it to the Credit Information Bureau (India) Limited (CIBIL), which calculates CIBIL Scores.  

Let's explore the types of CIBIL Report errors and the steps you can take to rectify them online.

 

Types of CIBIL report errors and tips to resolve

 

Here are the different types of errors, along with tips on filing CIBIL report corrections for them:

 Error in personal or account details

If you notice any errors in your name, address, date of birth, age, and PAN card details, immediately report for CIBIL Report Correction to address discrepancies in the Credit Report.

Incorrect balance or outstanding loans

The loan amount due and the outstanding balance should be in the correct columns. You should promptly inform the bureau for CIBIL report correction in case of any discrepancy in these details.

Incorrect Days Past Due (DPD)

Days Past Due (DPD) signifies a delay in loan repayment. Ideally, your DPD should show ‘000’ or ‘XXX.’ This indicates that you paid your loan on time. If you find any discrepancy here, you should apply for CIBIL Report Correction on time to improve your creditworthiness.

Errors in credit accounts

The lending institution may report incorrect repayment information or wrong account ownership details to the bureau due to an error. Therefore, your CIBIL report may sometimes show overdue loan repayments, even for closed accounts. It is important to apply for CIBIL report rectification for such errors to prevent a dip in your CIBIL score.

 

How to raise a dispute with CIBIL for report correction?

Now that you know the types of CIBIL report errors, you may wonder how you can rectify CIBIL Report.  CIBIL allows for an easy way to retrieve and notify the bureau of any errors in your report. You can visit your nearest CIBIL branch offline or apply for CIBIL report rectification online through the official CIBIL website.

You should follow these four steps if you notice anything unusual in your CIBIL Report.

1. Retrieve the CIBIL Report

Before submitting the report for CIBIL score correction, consider retrieving and thoroughly verifying your CIBIL Report. Visit the official CIBIL website or mobile application for CIBIL correction online. Go to the ‘My Account’ tab on the right. Then click on ‘Get my Free Report’ to access your CIBIL Report.

You can also request to review your previous CIBIL Reports by entering your personal details on the official website. It is advised to talk to your lending institution first in case of any errors in the report. This helps verify the facts and locate the possibility of unintentional mistakes in your report.

2. Check the report thoroughly to spot the problems

Check for the errors as discussed in the previous section. You may also seek help from a professional financial advisor if needed. Carefully look out for any personal details misplacement or wrong loan inclusion.

Identifying the type of error in your report helps you streamline the entire process of CIBIL score correction. It also prepares you to collect any related documents or evidence you may need to support your dispute.

3. Report problems to CIBIL

Fill out the CIBIL correction online form available in the dispute resolution area of their website. Enter your 9-digit control number and specify the exact discrepancy in your report. A control number is a unique number given to every individual in the CIBIL database.

After you submit the form for correcting credit profile, the bureau will verify the facts with documents and cross-check with your lending institution.

According to Indian laws, CIBIL cannot make any changes to your report without verifying them through your financial institution. Therefore, share any evidence or documents supporting your concerns for quicker verification.

4. Wait for the resolution

The resolution of CIBIL correction online takes anywhere between 30-45 days. Once you receive a formal resolution from the bank, reverify the details for correction. Also, look for any other errors that may have occurred during the process.

In case you want any other changes or spot discrepancies in the CIBIL score correction, you can file a new dispute for your CIBIL score adjustment. Follow the steps mentioned above and provide the details of your prior dispute request as well.

The bureau will review your report for errors and adjust your CIBIL score accordingly.

Also, it is recommended to regularly check your CIBIL Report to manage and correct any potential errors in the document timely.

Axis Bank free credit report

With Axis Bank's free credit report, you can check and download free CIBIL credit report anytime, anywhere. This convenient access empowers you to stay informed about your credit health and make informed financial decisions.

Here is how it works:

 
  • Visit Axis Bank's website.
  • Under "Explore Products," click "Loans" and then the "Credit Score" banner.
  • Complete the online form and register to access your free credit report.

Also Read: What is the minimum CIBIL Score for a Personal Loan?

Wrapping Up

Resolving errors in your CIBIL Report is crucial for maintaining a healthy credit profile. Regular monitoring and prompt rectification of discrepancies can help you avoid loan rejection and secure favourable interest rates. Remember that accurate credit information enhances your financial credibility.

Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.